the bank of england steps in to try to calm the financial markets after the government's tax cutting plans caused the pound to slide. the bank said it had to act because of the material risk to uk financial stability. as the fallout continues from friday's mini budget, nearly a thousand mortgage products were withdrawn overnight. the treasury said this lunchtime it will continue to work closely with the bank in its work around financial stability. an investigation by the bbc�*s panorama programme has exposed what is described as a toxic culture at one of the uk's largest mental health hospitals. the eu says leaks into major gas pipelines from russia to europe are

the result of sabotage. the uk must prepare for a big wave of flu this winter, say health experts, as people are urged to get flu and covid vaccines. and the spotlight is on glasgow and liverpool, as they vie to host next year's eurovision song contest. and coming up on the bbc news channel, england's women will play their first ever stand—alone fixture at twickenham next year. theirfinal six nations match against france will take place at rugby hq. good afternoon and welcome to the bbc news at one. the bank of england has made a surprise intervention to try to calm the financial

markets, by launching a temporary uk government bond—buying programme. it's an attempt to get long—term borrowing costs down. they had been. since last week's mini budget. the emergency move is to stave off what the bank said was "a material risk to the country's financial stability", given the turmoil that's followed friday's mini—budget. the bank said its intervention was "to restore orderly market conditions". it comes after days of uncertainty and last night a rare rebuke from the international monetary fund. one of the world's most important financial institutions — issued a rare rebuke to the uk, warning that the government's plans for tax cuts are "risky", that they could accelerate inflation and increase inequality. the treasury this lunchtime says it's committed to working closely with the bank of england on its objectives. ourfirst report is from our economics correspondent andrew verity. ever since last friday, the bank of

englands governor andrew bailey has been trying to resist taking emergency measures following kwasi kwarteng was huge tax cuts to be funded by borrowing. but now the cost of borrowing on financial markets has forced him to. in an emergency statement, the bank of england said, were dysfunction in this market to continue or worsen there would be a material risk to uk financial stability. there would be a material risk to uk financialstability. it there would be a material risk to uk financial stability. it said it was seeking to restore market functioning and reduce any risks from contagion to credit conditions for uk households and businesses and it would intervene on whatever scale is necessary to do so. worried about the credibility of the chancellor's plans, traders have been selling government bonds, the instrument it uses to borrow money, forcing the government to pay much more in interest to borrow funds over the long term. now the bank is trying to counter that by buying the same bonds. since its announcement, that long—term borrowing cost has dropped but only by a little, before bouncing again. it's an embarrassment for the bank of

england, which only last week announced it was selling government bonds, not buying them. i announced it was selling government bonds, not buying them.— bonds, not buying them. i have to sa that bonds, not buying them. i have to say that this _ bonds, not buying them. i have to say that this reaction _ bonds, not buying them. i have to say that this reaction to _ bonds, not buying them. i have to say that this reaction to keep - say that this reaction to keep buying bonds and reverse plans to sell them has a real damaging impact on their credibility. it suggests the actions of the government last week have put them in a really difficult spot in trying to deal with their primary target, which is trying to get inflation back to 2%. is notjust markets that don't like the government plans to stop the world is's lender of last resort, the international monetary fund, whose role is to help countries out in financial emergencies, fears the government plans will backfire. in a statement it said develops in uk will be closely monitored and untargeted fiscal packages were not recommended at a time of high inflation. it warned it government its mini budget wrist increasing inequality. its mini budget wrist increasing ineuuali . , ,., its mini budget wrist increasing ineuuali . , ., inequality. this is about a confidence _ inequality. this is about a confidence game. - inequality. this is about a confidence game. the - inequality. this is about a - confidence game. the animal inequality. this is about a _ confidence game. the animal spirits of the market you don't want to unleash against. you want to show you are a well—organised government with a stable and well thought through plan and the whole

government and bank of england are working as one. so now they have a lot of ground to recover because somehow you have to show that there is real coherence across these policies. is real coherence across these olicies. ~' ., ., ., policies. the kind of warning that britain received _ policies. the kind of warning that britain received from _ policies. the kind of warning that britain received from the - policies. the kind of warning that britain received from the imf - policies. the kind of warning that l britain received from the imf today is a kind _ britain received from the imf today is a kind of— britain received from the imf today is a kind of warning that comes much more _ is a kind of warning that comes much more frequently to emerging markets with new_ more frequently to emerging markets with new governments than to a country— with new governments than to a country like britain. the government is hoinu country like britain. the government is heping that _ country like britain. the government is heping that by _ country like britain. the government is hoping that by handing _ country like britain. the government is hoping that by handing out - country like britain. the government is hoping that by handing out tax - is hoping that by handing out tax cuts people have more money to spend and that will stimulate the economy to grow and improve living standards. but the imf is warning it would have the opposite effect because the pound is weak, import prices are higher and that pushes up inflation, and to fight inflation, interest rates have to rise faster than previously thought and that could hit ordinary people where it

hurts, in their mortgage payments. so far the bank of england's announcement hasn't worked to calm financial markets. the index of uk listed companies is tumbling down 2% and traders are again selling the pound, now worth less than $1.06. andrew verity, bbc news. our business editor simonjack is here. what an extraordinary morning. blimey is the word. a major intervention by the bank of england. now financial markets around the world have been stressed by inflation which we have seen across the globe but there is uk specific stuff here as well. last friday when the chancellor announced a not so mini budget, he said he would cut taxes and put more money in people's pockets which was meant to help the comic robot inflation was already above 10% and what he did with this extraordinary unexpectedly large and has left the bank having that a much harderjob to try to bear down on inflation. that's why we think now

that the bank of england interest rates that are at 2.25 now, will hit four by may next year and may now hit six. that's why people have been selling, particularly government bonds because as interest rates go up bonds because as interest rates go up the value of bonds go down, which is why the bank of england has to step in to try to calm down a very volatile situation, and with mixed success it has to be said in the last couple of hours. b, success it has to be said in the last couple of hours.- success it has to be said in the last couple of hours. a huge number of mortgage — last couple of hours. a huge number of mortgage products _ last couple of hours. a huge number of mortgage products being - last couple of hours. a huge number| of mortgage products being removed from the market as well. last of mortgage products being removed from the market as well.— from the market as well. last night nearly 1000 — from the market as well. last night nearly 1000 mortgage _ from the market as well. last night nearly 1000 mortgage products - from the market as well. last night i nearly 1000 mortgage products were taken off—the—shelf because lenders do not know what interest rates will be like the stop you will never borrow money for most people then when you buy your house so this could have a significant effect on the housing market, probably activity will dry up for a while and everyone sits on their hands and wonders what the hell is going on. after that people are talking about a ten or 15% fall in house prices. looking at a major high street lender's website and a mortgage for a two year fixed mortgage on a

£200,000 mortgage on a £300,000 house last you would have been 2% and they are now quoting 5.6%. you are looking at 6000 plus extra in mortgage payments per year, which more than offsets the recent cut in stamp duty we had four houses under £250,000. that can't but have a significant effect on the housing market, just the maths of it. simon jack, thank you. 0ur political correspondent leila nathoo is in downing steet for us. what's the mood today? it is just five days since the chancellor kwasi kwarteng, the current occupant of number 11 downing st, delivered that mini budget and that announcement of tax cuts, the impact is still being felt. it is a fast—moving situation and we have not heard publicly from the chancellor kwasi kwarteng this week, or the prime minister liz

truss. parliament is in recess at the moment. the liberal democrats are calling for parliament to be recalled. it is fair to say that labour are calling on the government to make a statement urgently about what they call a crisis of the government's own making and they are calling the government's actions reckless. that is a sentiment shared by a number of very worried tory mps, people who think the government has used up political capital on unpopular measures like scrapping the 45p tax rate and the cap on bankers' bonuses, wondering what will come down the line. they are watching and waiting, but i don't think they are in a mutinous phase just yet. they are just weeks into a new administration and many of those who are anxious are still willing the government plans to work. they are watching and waiting to see what happens next. leila nathoo at westminster, thank you. the labour leader sir keir starmer has said last night's warning from the international monetary fund

shouldn't be ignored. speaking on the last day of the labour party conference he said the conservatives could never again claim to be the party of fiscal responsibility. 0ur political correspondentjonathan blake has this report. in liverpool, labour are convinced things are looking up. there's a confidence that the party has changed and is now ready to govern again. facing criticism he's too lacklustre to lead, sir keir starmer wants to fight the tories on the economy and before the bank of england's intervention this morning, said the current turmoil is a mess of the government's making. you know, the government can never again look the electorate in the eye and claim to be a party of fiscal responsibility. they've acted irresponsibly, they've lost control of the economy. and for what? to put taxes down for those on hundreds of thousands of pounds and prices up for working people. it's the worst possible situation that we could find ourselves in. he sees green energy as the future for the economy,

but big questions remain about how labour would pay for its plans and just how much difference the party could make in government. yes, it's going to be tough. is it doable? yes, it is. are we determined to do it? yes. have we got others coming up alongside us to say this is a plan that we can make work? yes, we have. we actually need a government that moves forward carefully and confidently. how are you getting on? and after an otherwise uneventful few days, sir keir was asked about the mp rupa huq's comments here that the chancellor, kwasi kwarteng, was superficially black. in my view, what she said was racist. i'm very glad that the labour party, under my leadership, suspended her straight away. we took very swift action. it now does go under our rules into an investigation, an independent investigation. that's the process in place for all allegations. and we need to let that take its course.

i'm with you. i really appreciate that. at labour's love in here, strong dissent has been hard to find, but disagreements about support for striking workers, public sector pay and changes to the voting system have rumbled on. today, the party promised free breakfast clubs at primary schools and guaranteed face to face gp appointments in england. angela rayner. the conference ended with a rallying cry. now let's rise to the moment and deliver for working people of britain. let's build a fairer, greener future with a labour government in power once again. thank you. the big theme here has been the belief that labour seems to have in itself once again — a sense that sir keir starmer has got the party in line. labour members know, though convincing themselves they're ready to govern again is one thing. convincing the country is quite another. jonathan blake, bbc news, liverpool. we will have an update on all the

morning's news around the economy and financial markets later in the programme. for now we will take a look at the rest of the news today. an investigation by the bbc�*s panorama programme has exposed what is described as a toxic culture at one of the uk's largest mental health hospitals. an undercover reporter working at the edenfield centre near manchester filmed patients being mocked, inappropriately restrained and enduring long periods of seclusion in small, bare rooms. the nhs—run hospital says it has taken immediate action to safeguard patients, and that some staff have been suspended. it's also commissioned an independent clinical review. a warning that this report from our social affairs editor alison holt contains some distressing details. this is the edenfield mental health hospital in prestwich. it feels like the walls are closing in. my chest is closing in on me. the patients in its care are vulnerable, sometimes challenging.

there's a serious risk they could harm themselves, or others. what's going on at this hospital, by and large, isn't working for the patients, and is often actively cruel. panorama's undercover reporter alan haslam spent three months here as a health care support worker. he found a toxic culture, with patients bullied and mocked. sometimes wards were worryingly understaffed. and patients feel failed. this is harley. she's 23, has autism, and a history of self—harm. staff say at times she assaults them. she says she's provoked. the hidden camera shows harley held in a small, bare seclusion room for more than two weeks.

it should only be used for short periods of time. after being allowed into the room next door, it's said harley has become verbally abusive. at least eight staff, including managers, go to restrain her and put her back in seclusion. there's no discussion. 0fficial guidance says they should use the least restrictive way of moving her. harley and her family have agreed to let panorama tell her story. she's a young girl, at the end of the day. eight people. and she was calm and she was even saying, just listen to me, just give me a chance to talk. and they just weren't. there is some good care at the hospital, but the undercover reporter also sees basic care that doesn't always happen. like 15 minute checks on patients.

and he sees records for these observations being falsified. they're important for monitoring care. and if anything goes wrong. it's a culture that experts warn feels unsafe. i think you're quite clearly seeing toxic stuff. and i think there's an awful lot of hostility towards patients across all of the wards. the trust which runs the hospital says the allegations will be fully investigated and that it owes it to the communities it serves to ensure the best care every day. a number of staff have been suspended. alison holt, bbc news. and you can see more on panorama tonight — that's undercover hospital: patients at risk, on bbc one at 9pm. the european union has said leaks in two major gas pipelines

from russia to europe are the result of sabotage. eu commission president ursula von der leyen stopped short of accussing russia of causing the leaks in nordstream one and two, but said deliberate disrpution would be met with a strong response. the pipelines, which run under the baltic sea, aren't currently operational, but still contain gas. we can talk to our brussels correspondentjessica parker. a concerning development for europe? as you say the eu is calling this sabotage although not publicly pointing the finger at russia but a lot of questions over who could be behind this and one theory put forward by analyst is could russia be showing it can interfere with european infrastructure even though these pipelines are not in use. the kremlin rejected that as a stupid idea and said it is america that

stands to gain further theory that does not gain much traction around here. it is not clear when ever we will find out who's this and that is a further question as to how the european can respond. it was already limping towards a further package of sanctions across russia. this is a further nail in the coffin for any further nail in the coffin for any further gas coming to europe for the time being and energy security as well shifting the conversation not just from how europe finds new energy supplies but how it protects existing supplies.— existing supplies. jessica parker, thank yom _ the time is 13:18. our top story this lunchtime. the bank of england has stepped in to calm financial markets after the government tax cutting plans caused turmoil. and we speak to the new chairman of the englanda and wales cricket board about the challenges facing the sport. coming up on the bbc news channel.

the drivers are in singapore, where the formula 1 world championship could be decided this weekend. we will be hearing from lando norris on how the drivers are feeling the heat. millions of people in the us state of florida are being urged to leave their homes, as hurricane ian is due to make landfall later today, with winds of up to 130 miles per hour. the entire island of cuba is now without power. 0ur correspondent anjanna gadgil has the latest. the eye of hurricane ian, packed with lightning as it barrels north from cuba over the gulf of mexico. it made landfall in the western province of pinar del rio yesterday, killing two people, destroying the area's famous tobacco farms, and causing the country's entire

electrical grid to go down. translation: right now - the electrical system is going through exceptional conditions. there is complete zero in the system. this means there is no electrical service in all of the country. 11 million people were left in the dark. residents of the capital havana were lit only by passing cars. most stayed at home in anticipation of flooding and storm surges caused by the 120 mile an hour winds. and the storm is gaining strength as it makes its way towards florida. the state governor ron desantis calling it the real deal. people in southwest florida, this is going to likely make landfall as a category four hurricane. there will be catastrophic flooding and life—threatening storm surge. the west coast of florida has not seen a storm of this

magnitude for over a century. it has declared a state of emergency with 2.5 million people told to leave their homes. hurricane ian is projected to make landfall later on today. anjanna gadgil, bbc news. a former soldier accused of murder in relation to the death of two men on bloody sunday in 1972 has had his criminal case restarted, in belfast. crown lawyers have re—considered a decision to drop the case against the veteran known as soldier f — following legal action by bereaved relatives. 0ur ireland correspondent chris page is in belfast. explain what has been happening? the da explain what has been happening? tia: day that became explain what has been happening? ti2 day that became known as bloody sunday was the 30th of january, 1972. that was when soldiers from the parachute regiment shot dead 13 people at the civil rights

demonstration in the bogside area of derry. back in 2019 prosecutors decided to charge one army veteran known as solider f with murder in connection with two of the deaths, of james wade connection with two of the deaths, ofjames wade and william mckinney. solider f also charged with five counts of attempted murder. last year though crown lawyers announced that they were planning to drop those charges. that decision followed the collapse of the trial of other former soldiers charged in relation to killing during the conflict in northern ireland. but the mckinney family took a legal challenge against the move to discontinue the bloody sunday prosecution. they won the challenge and prosecution lawyers reviewed the case and this morning a crown lawyer confirmed before a judge here in belfast that he was now in a position to recommence. so the next stage of the criminal proceedings against solider f will be a series

of hearings to determine whether the case should be transferred from the magistrates' court to a full trial in the crown court and next friday lawyers will once again come together in the court room before a judge to try to set a timetable for that next stage in the case. chris pace, that next stage in the case. chris page. thank _ that next stage in the case. chris page, thank you. _ the uk must prepare for a big, early wave of flu, experts are warning — based on what australia has just experienced during its winter. public health officials are urging millions of people to have flu and covid vaccines becuase of concern about the expected spike over the coming months. our medical editor fergus walsh is here. what is the advice to people? for 33 million people in the uk it is to get the flu jab. there has been almost none of it in the past years with the entry restrictions meaning there is little natural immunity out there now and based on a big flu season in australia which started earlier than normal, there

is concern that we could have a big flu season here. so 33 million people are eligible, the over 50s, at risk groups particularly those with respiratory conditions, pregnant women and children who get a nasal spray vaccine. last year we had a record number of over 65 people immunised but there is concern that they could be vaccine fatigue with all the focus on covid jabs and we could get a twin pandemic of the flu and covid. 0f pandemic of the flu and covid. of course covid numbers are taking up and we could be at the start of a winter away. 26 million eligible covid booster and treatment so far have had the jab.— have had the 'ab. fergus walsh, thank you. — the new chairman of the england and wales cricket board says the sport must "find a compromise" over controversial plans to overhaul the calendar amid a revolt by the counties who could have the number of matches they play slashed. in his first broadcast interview since taking up the role, richard thompson told our

sports editor dan roan that change was needed because international cricket faced an "existential threat" from overseas t20 franchises. england may have enjoyed a resurgence in men's cricket this summer, but behind the scenes, there's mounting division over how to ensure long term success. the final round of four day championship matches this week was played amid a rebellion by counties over radical plans to overhaul the domestic season, with a cut in their number of games. the man who has just become the most powerfulfigure in english cricket told me change was needed. if we have the best players continually available, and england are winning in all formats, and we have to sacrifice some cricket for that, then i truly believe that that's a sacrifice that i'm prepared to try and sell to the counties. but we need to find some compromise here to ensure that the counties come onside with the proposals, and see the need for change. with england star ben stokes quitting one day internationals amid concerns cricket's

packed schedule is pushing players to breaking point, and a fourth format, the hundred, adding to the congestion, the ecb insists it's right to shake up the calendar, especially with international cricket threatened by lucrative, shorter format t20 competitions overseas. the problem we have is there is too much cricket in the world. a player could be offered a central contract by england and reflects on whether they want to sign it or not. that's unprecedented. then the game has an existential problem, so we can't allow that to play out. you're talking about a small minority of multi—format players. however, it's a threat and when england play, you want to know that england are fielding their best possible 11. meanwhile, the fallout from the racism scandal that engulfed yorkshire after allegations by former player azeem rafiq continues. the ecb braced for the imminent publication of a report into discrimination across the game. that will not be easy reading, but we have got to hold a mirror up to ourselves. it's going to be a difficult few months, but a moment

that we can start the reset. my vision is very clear that cricket will become the uk's most inclusive sport, and it needs to do that rapidly, and it needs to win back trust. thompson hopes his experience running surrey, where this programme helped engage youngsters in diverse communities across south london, will help. but with english cricket divided like rarely before, leading and reuniting the game will be no easy task. dan roan, bbc news. so, the battle is on between glasgow and liverpool — to host next year's eurovision song contest. the shortlist to stage the event — which will bring thousands of visitors to the winning city, as well as a global audience of tens of millions — was whittled down to two yesterday. 0ur entertainment correspondent colin paterson has been finding out what the two cities say they have to offer. it's the beatles versus the barrowlands. liverpool vs glasgow, going head to head to host eurovision. and both have previous with the contest, liverpool's sonya coming second in 1993...

glasgow's lulu winning in 1969. and glasgow's rikki peebles, who represented the uk in 1987, is thrilled by his hometown making the final two. i'm delighted, actually. if it comes here, i'll be in the front row, hopefully, to just enjoy it. your memories of that night? i've played to something like 300 million people in one night, one night. that floored me because some artists don't get that in a lifetime. in liverpool, this is how the news was broken. why should liverpool over glasgow host the eurovision song contest next year? what have we got that the glaswegians ain't?

people in the city are delighted. i think it'd be great in terms i of local industry and i think it'd do brilliantly for so manyj local independent shops, getting more business in. my ex—boyfriend used to love eurovision. we went on our first year anniversary and he made me watch it in the hot tub. i'm notjoking. oh, my god. it's going to be wonderful. it's going to be the night of the year! and one curio. in 1988, another glaswegian, scott fitzgerald, represented the uk at eurovision and lost by one point to celine dion. if glasgow is awarded the contest, the hydro will have to cancel all the acts booked in to play during the six week run up, including one celine dion. 35 years later, glasgow could have its eurovision revenge! colin paterson, bbc news, glasgow.

let's return now to our top story — that major intervention by the bank of england this morning, our business editor simonjack is back with me: what a 2k hours. it is a tricky moment for the chancellor as it is not that the international monetary fund which specialises developing countries in financial trouble with question specific policies in an inflationary environment. they call them bond market vigilantes but liz truss has had a pretty boozing first encounter with these vigilantes. encounter with these vigila ntes. simon encounter with these vigilantes. simon jack, encounter with these vigilantes. simonjack, thank you. —— are pretty bruising. time for a look at the weather, here's tomasz schafernaker. a distinct autumn chill in the air for some of us with some frost in

southern england and the